Internal Controls and Fraud

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What This Framework Provides • Means to apply IC to any type of entity • New Departments, Blended Component Units • Principals-based approach (not RULES) • Allows for Judgment • Requirements for an Effective System • Means to identify and analyze risk • Responses to risks within acceptable levels • Greater focus on anti-fraud measures • Opportunity to Expand application of IC • Opportunity to eliminate redundant or inefficient controls 20
IC Definition-Fundamental Concepts • Geared to the achievement of objectives • Operations, reporting, and compliance • A process consisting of ongoing tasks and activities-a means to an end, not an end • Effected by people and the actions they take • Able to provide reasonable (not absolute) assurance to senior management and Boards • Adaptable to the entity structure 21
Page 1 and 2: COSO’s New Internal Control—Int
Page 3 and 4: Do You Remember COSO? • Committee
Page 5: Mission of COSO Dedicated to provid
Page 8 and 9: Help For External Stakeholders •
Page 10: COSO’s Participants • Board Mem
Page 14 and 15: Core of Original Framework Remains
Page 16 and 17: (R)Risk Assessment • Definition-p
Page 18 and 19: (M) Monitoring Activities • Ongoi
Page 22 and 23: Objectives • Framework provides f
Page 24 and 25: Wrapping Our Minds Around It! • T
Page 27 and 28: The Framework and 17 Principles •
Page 29 and 30: Framework and 17 Principals • Con
Page 31 and 32: Framework and 17 Principals (conclu
Page 33 and 34: Roles and Responsibilities (cont)
Page 37 and 38: Roles and Responsibilities • Othe
Page 41 and 42: What About Small Entities? • Fewe
Page 43 and 44: Solutions-Segregation of Duties •
Page 46: Component Evaluation Template 46
Page 50: Questions? 50

Internal Controls and Fraud

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